LaSalle Investment Management has announced the opening of a sixth Costco Wholesale store in Japan, the U.S.-based international chain of membership warehouses, using the commercial and distribution complex in Kawasaki city developed by LaSalle.
In March 2005, LaSalle won the bidding for the former site of Chiyoda Protech in Kawasaki from Urban Renaissance Agency for re-development. The 64,194.26-m² site is comprised of the commercial facility where Costco operates its distribution (warehouse) facility and accommodates multiple tenants. This site has a significant advantage given its proximity to the broader commercial zone of central Tokyo, Yokohama city and Kawasaki city. It also is located in a prime distribution hub facing an industrial road with access to the major ports (Yokohama, Haneda, and Tokyo).
Following the opening of the Costco warehouse store, a new distribution facility is scheduled to complete construction at the end of January 2008. The distribution facility is designed for multi-tenant use offering the following features: an earthquake-proof structure to mitigate damages and protect assets; a warehouse durable enough to operate in all weather; a ramp way available for 40-feet containers; and round-the-clock operations.
Yasuo Nakashima, CEO of LaSalle Investment Management K.K., comments, "It is our great pleasure to support an expansion of the Costco business in Japan and see the opening the of Costco Kawasaki Warehouse Store, as Costco has been recording rapid growth in the marketplace with its unique business model. This is our first complex facility integrating commercial and distribution features representing our strength in development and management of logistics facilities. We will continue to meet the evolving needs of industrial real estate moving forward and offer a comprehensive solution in the area of logistics to bridge the capital market with the industry."